Technical outlook and chart setups:
Silver made another high at the level of $17.41 yesterday before pulling back to the area around $16.93. The metal might complete its first major upswing from a low of $15.30 and should be ready to produce a meaningful pullback towards $16.00. It is recommended to remain flat for now and look to buy at lower levels. Immediate support is seen at $16.80 followed by $16.00, $15.80, and lower. Resistance is seen at $17.50 followed by $18.50 and higher respectively. Bulls are poised to remain in control untill prices stay above $15.30 from here on.
Trading recommendations:
Remain flat for now. Look to buy around $16.00 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
